Acting as a gateway

[Jago Pearce]

How do I advertise myself as a gateway for a fiat currency to say BTC and say, a gold coin?

There is just the one ripple site at th moment I can see.... is there another way to access this functionality other than setting up a whole server with LAMP etc?

I guess I have to:
https://ripple.com/wiki/Simple_Gateway_Guide

 and keep a computer connected with rippled 24/7

but getting a copy of rippled is proving confusing... need to figure out github

I see some people running as gateways but when I try to get the source... "sourcecode to be released soonish"

--
Sites supported: http://moneybutnofixedabode.blogspot.com/
http://justfortheloveofit.org/

[Dan Miller]

On Thu, Apr 11, 2013 at 7:43 PM, Jago Pearce <jag...@gmail.com> wrote:
> How do I advertise myself as a gateway for a fiat currency to say BTC and
> say, a gold coin?
>
> There is just the one ripple site at th moment I can see.... is there
> another way to access this functionality other than setting up a whole
> server with LAMP etc?

Here is an example of someone acting as a gateway for silver US dimes:

https://bitcointalk.org/index.php?topic=149533.0

[Jeffrey Cliff]

I think the gateways are just clients, no?  And that part has been released hasn't it?  Wouldn't you want to have a website or a receiving address or something if you were a gateway?

--
You received this message because you are subscribed to the Google Groups "Ripple Project" group.
To unsubscribe from this group and stop receiving emails from it, send an email to rippleusers...@googlegroups.com.
For more options, visit https://groups.google.com/groups/opt_out.
 
 

--
GENERATION 26: The first time you see this, copy it into your sig on any forum and add 1 to the generation

[Ryan Fugger]

You can act as a gateway through the ripple.com client using manual interactions (eg, email, shipping gold, etc.). But if you wanted to integrate a software exchange like Bitstamp, you would email in...@ripple.com asking for a copy of the rippled software and become part of the beta testing process.

[j]

OK. So it's manual payments at the moment.

So let's say I have 100LTC I want to exchange at a rate matching a big exchange for BTC. Let's say that is 0.0001BTC.

I tell someone I trust my Ripple address and they send 0.0001BTC to my Ripple address. I can then either hold that BTC as a debt to them or I then have to send LTC to their LTC address outside of Ripple right? - then once they are happy that they have the LTC they have to remember to cancel out that 0.0001BTC balance?

Or have I missed something?

[Jorge Timón]

What you would do as a gateway is to issue both jagoBTC and jagoLTC
IOUs inside Ripple.

How?
1) Your clients trust you for BTC
2) Your clients deposit real BTC at your site
3) You send BTC to them on Ripple

The same for LTC
4) Your clients trade your IOUs between them within Ripple at the rate
they chose.

5) You clients go to your site for withdrawal, you tell them a ripple
address to send their IOUs back.
6) After you've received the BTC IOUs on Ripple, you ask them for BTC
address and send them back.

The cool thing is that your clients can trade your IOUs for any other
thing that's in Ripple, not only your IOUs.
Gateways must take care basically about deposits and withdrawals.

You can read more on the wiki, There's an entire section dedicated to gateways:
https://ripple.com/wiki/Main_Page

> --
> You received this message because you are subscribed to the Google Groups
> "Ripple Project" group.
> To unsubscribe from this group and stop receiving emails from it, send an
> email to rippleusers...@googlegroups.com.
> For more options, visit https://groups.google.com/groups/opt_out.
>
>
>


--

Jorge Timón

http://freico.in/

[Tim Akinbo]

To also add, it's important to note that IOUs are just that - IOUs; so when you send jagoLTC or jagoBTC to someone, it's just an IOU. Your clients then trade these IOUs. By issuing these IOUs, your clients are trusting that when the time comes for them to "redeem" these IOUs that they would get the equivalent in real LTC or BTC from your gateway.

This is an aspect of the Ripple payment system that can be a bit confusing at first but then getting the hang of it makes you understand many other features of Ripple.

Hope that helps.

Tim Akinbo

[j]

I'm noticing on the Gateway page that I should go through a lot of expensive regulation in order to be a gateway. Is there a way I can be a gateway in an easier way? I want to be a gateway but I don't want the gov going after me. Perhaps there are easy and not so easy places to be a gateway?

UK - seems pretty strict
New Zealand - similar?
South American countries - Uruguay, Chile, Argentina... even worse?

I know of people who lost their lifesavings when a regulator shut down the hedge fund they were investing with so I'm cautious. But at the same time I would like to be a node.

On Friday, April 12, 2013 12:43:38 AM UTC+1, j wrote: